SkyCity shares boosted by rise in earnings

SkyCity’s shareholders weren’t pleased with the casino operator at its annual meeting but the share price still jumped more than 3 per cent on the back of its first-quarter earnings lifting 10 per cent.

The S&P/NZX 50 Index rose 29 points, or 0.26 per cent to 11,129.53. Turnover was a light $91.3 million.

Brad Gordon, an investment adviser at Hobson Wealth, said swap rates dipping from 5.1 per cent to 4.6 per cent yesterday had given equities some “breathing space”.

He said SkyCity’s positive quarter was the big news of the day and investors had liked the earnings jump after battling difficulties that cut into its earnings last year.

Tourism would play a big role in the rest of SkyCity’s 2023 financial period, he said, which is something that chief executive Michael Ahearne was keen to press on shareholders as well.

SkyCity shares jumped after its — virtual — annual meeting yesterday afternoon. This was despite shareholders sending in unhappy questions which ranged from why the meeting was virtual instead of in person and the non-compliance and licensing probes facing SkyCity’s Adelaide casino.

Ahearne said the casino’s domestic consumer environment had stayed robust, despite an “uncertain economic environment” and group earnings for its first quarter were up 10 per cent above pre-Covid levels. By market close, SkyCity shares were up 3.3 per cent to $2.79.

Gordon said Tourism Holdings was also having a good day — up 2.2 per cent to $3.54 — and infrastructure company Infratil edged up 2.9 per cent to $8.50.

Church management software company Pushpay entered a trading halt yesterday morning, pending an announcement from the dual-listed software company.

The company said the halt would last until it makes an announcement, or trading opens on Monday.

At Port of Tauranga’s annual meeting yesterday, the company said it had spent $3m to date on the legal and consulting costs associated with its application to extend the wharf at its Sulphur Point container terminal and also add a berth.

Port of Tauranga reported a net profit of $111.3m in the 2022 financial year, up 8.7 per cent on the previous period.

Its shares rose 0.2 per cent to $6.29 by at the close of trade. South Port was down 2.8 per cent to $8.07 and Napier Port fell 1.4 per cent to $2.85.

New Zealand’s largest kiwifruit grower, Seeka, had one of the biggest falls on the index yesterday, down 4.7 per cent to $3.69.